Portugal is a popular destination for expats, digital nomads, and investors looking to enjoy its beautiful climate, rich culture, and business-friendly environment. One of the first steps to settling in or conducting business in the country is opening a local bank account. If you’re a non-resident, the process may seem complex, but with the right guidance and resources like MoveToCascais, you can navigate it smoothly. Having a Portuguese bank account makes it easier to pay bills, receive salaries, and manage daily expenses.
Requirements for Opening a Bank Account in Portugal
As a non-resident, you’ll need to provide several documents to open a bank account in Portugal. While requirements may vary slightly depending on the bank, the following are generally necessary:
- Valid Passport or ID – Proof of identity is required for all applicants.
- Portuguese Tax Identification Number (NIF) – This is essential for financial transactions and can be obtained through a tax office or with the help of a legal representative.
- Proof of Address – A utility bill or bank statement from your home country can serve as proof of residency.
- Proof of Income or Employment – Some banks may require evidence of income, such as a work contract, payslips, or tax returns.
Certain banks may also ask for an initial deposit, which varies depending on the institution. Once you have all the necessary documents, you can visit a bank branch in person or, in some cases, open an account online.
Best Banks for Non-Residents in Portugal
Several banks in Portugal cater to non-residents and expats, offering multilingual support and flexible banking options. Here are some of the top choices:
- Millennium BCP – Offers online account opening for non-residents and English-speaking customer service.
- Novo Banco – A good option for business and personal accounts with easy international transfers.
- Santander Totta – Provides a wide range of banking services, including options for expats.
- Caixa Geral de Depósitos – Portugal’s largest state-owned bank with branches across the country.
Each bank has different fees, account maintenance costs, and features, so it’s important to compare options and choose the one that best suits your needs.
Final Thoughts
Opening a bank account in Portugal as a non-resident is a straightforward process if you have the necessary documents and choose the right bank. Whether you are moving to Portugal for work, investment, or retirement, having a local bank account will make financial management much easier.
